1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,800 --> 00:00:10,120 Speaker 2: Let's go live now to LA where Lucas is speaking 3 00:00:10,160 --> 00:00:12,960 Speaker 2: with Paramount Skuidance chairman and CEO David Ellison. 4 00:00:13,360 --> 00:00:17,160 Speaker 1: We got to start with Paramount. You chase this company 5 00:00:17,440 --> 00:00:21,639 Speaker 1: for a couple of years, if not longer. If you 6 00:00:21,680 --> 00:00:23,480 Speaker 1: look at what they own, they have a bunch of 7 00:00:23,560 --> 00:00:25,840 Speaker 1: cable networks that have been in decline for almost as 8 00:00:25,880 --> 00:00:27,760 Speaker 1: long as I've been doing my job. They have a 9 00:00:27,800 --> 00:00:31,319 Speaker 1: movie studio that is by most metrics, the last place 10 00:00:31,360 --> 00:00:34,360 Speaker 1: movie studios the last few years at a streaming service 11 00:00:34,400 --> 00:00:36,400 Speaker 1: that in terms of at least engagement is sort of 12 00:00:36,400 --> 00:00:39,560 Speaker 1: in the third tier. So why were you so interested 13 00:00:39,600 --> 00:00:42,440 Speaker 1: in what do you see in the company that investors 14 00:00:42,440 --> 00:00:44,080 Speaker 1: and a lot of other potential bidders did not. 15 00:00:44,800 --> 00:00:46,600 Speaker 3: Yeah, no, absolutely, it's a great question. 16 00:00:46,680 --> 00:00:49,159 Speaker 4: First, I just want to say we couldn't be more 17 00:00:49,200 --> 00:00:51,040 Speaker 4: excited about the place that we're starting with the asset 18 00:00:51,080 --> 00:00:54,240 Speaker 4: that we purchased. Right, we have eighty million stream subscribers. 19 00:00:54,600 --> 00:00:57,320 Speaker 4: We have one of the best basically content libraries in 20 00:00:57,360 --> 00:01:00,760 Speaker 4: existence with Paramount and CBS. And I also think you 21 00:01:00,800 --> 00:01:03,240 Speaker 4: need to distinguish when you talk about the linear business. Right, 22 00:01:03,520 --> 00:01:06,160 Speaker 4: there's the cable, which yes, has been declined, but if 23 00:01:06,200 --> 00:01:08,520 Speaker 4: you look at CBS, it actually is a remarkable asset 24 00:01:08,560 --> 00:01:12,360 Speaker 4: that's been number one in prime time for seventeenth straight seasons, 25 00:01:12,800 --> 00:01:16,440 Speaker 4: incredible sports rights which we're growing, and it's still highly 26 00:01:17,319 --> 00:01:20,679 Speaker 4: highly profitable and cash flow perspective, and I agree with you, 27 00:01:20,880 --> 00:01:23,000 Speaker 4: has not been run in the best manner for the 28 00:01:23,080 --> 00:01:26,240 Speaker 4: last fifteen years. And for me, that's all opportunity, an 29 00:01:26,240 --> 00:01:31,280 Speaker 4: opportunity to really reignite the creative content engines, to navigate 30 00:01:31,319 --> 00:01:34,119 Speaker 4: the transition that's required to really turn Paramount Plus into 31 00:01:34,160 --> 00:01:36,240 Speaker 4: a leader in streaming, and we believe we have the 32 00:01:36,280 --> 00:01:39,200 Speaker 4: ability to both win in content and also become the 33 00:01:39,240 --> 00:01:43,959 Speaker 4: most technologically capable media company to effectively navigate this transition. 34 00:01:44,640 --> 00:01:46,160 Speaker 4: We always looked at you know, you can look at 35 00:01:46,160 --> 00:01:47,480 Speaker 4: the music business ten years ago. 36 00:01:47,960 --> 00:01:49,320 Speaker 3: We believe we can navigate that. 37 00:01:50,120 --> 00:01:52,920 Speaker 4: We also really looked at where traditional tech companies were, 38 00:01:53,080 --> 00:01:55,720 Speaker 4: you know, call it ten fifteen years ago, and there 39 00:01:55,760 --> 00:01:57,920 Speaker 4: is a period of time where you know, the Microsoft's 40 00:01:57,920 --> 00:01:59,920 Speaker 4: the world, the Oracles of the world were being disrupted 41 00:02:00,440 --> 00:02:03,960 Speaker 4: and those companies that actually disrupted themselves and transitions are 42 00:02:03,960 --> 00:02:04,320 Speaker 4: now all. 43 00:02:04,200 --> 00:02:06,320 Speaker 3: Traded at all time highs. We believe we have the 44 00:02:06,320 --> 00:02:07,400 Speaker 3: opportunity to do the same thing. 45 00:02:07,760 --> 00:02:10,040 Speaker 1: So you talked about streaming. You mentioned that the eighty 46 00:02:10,040 --> 00:02:13,800 Speaker 1: million subscribers earlier. You know, you look at it those 47 00:02:13,840 --> 00:02:15,880 Speaker 1: those monthly Nielsen reports that people pay a lot of 48 00:02:15,880 --> 00:02:18,760 Speaker 1: attention to. Right are youtubes that thirteen percent of TV 49 00:02:18,880 --> 00:02:21,720 Speaker 1: viewing Netflix? Is that between eight and nine most months. 50 00:02:22,160 --> 00:02:25,040 Speaker 1: Paramount When you combine Paramount plus and Pluto, it sort 51 00:02:25,040 --> 00:02:27,080 Speaker 1: of sits around two percent. You can correct me if 52 00:02:27,120 --> 00:02:29,359 Speaker 1: I'm off there. I think it's about right. So how 53 00:02:29,400 --> 00:02:31,720 Speaker 1: do you get that up forget about thirteen or eight 54 00:02:31,800 --> 00:02:33,920 Speaker 1: like Disney's in the four or five range. How do 55 00:02:33,960 --> 00:02:36,840 Speaker 1: you get that up there? And you've talked about content 56 00:02:36,880 --> 00:02:38,960 Speaker 1: and tech? Can you get specific on those fronts like 57 00:02:39,200 --> 00:02:39,960 Speaker 1: what you're going to do? 58 00:02:40,320 --> 00:02:40,799 Speaker 3: Absolutely? 59 00:02:40,840 --> 00:02:42,400 Speaker 4: So, Look, one of the things we really believed in, 60 00:02:42,480 --> 00:02:45,600 Speaker 4: like what I'll say, we're nine weeks in and I'm 61 00:02:45,639 --> 00:02:47,520 Speaker 4: really proud of the momentum the team has been able 62 00:02:47,600 --> 00:02:49,680 Speaker 4: to build over the last nine weeks. One of the 63 00:02:49,680 --> 00:02:51,960 Speaker 4: things we really believe being the first owned and operated 64 00:02:51,960 --> 00:02:54,640 Speaker 4: studio to my knowledge, since actually Walt Disney built his 65 00:02:54,720 --> 00:02:57,560 Speaker 4: own shop, was that we would have the opportunity to 66 00:02:57,560 --> 00:03:00,320 Speaker 4: really think long term that means long term partners with 67 00:03:00,360 --> 00:03:02,680 Speaker 4: talent where you can basically say, don't just think about 68 00:03:02,680 --> 00:03:04,760 Speaker 4: your next movie or your next show. We want to 69 00:03:04,760 --> 00:03:07,680 Speaker 4: build a relationship with you over a decade and actually 70 00:03:07,720 --> 00:03:09,440 Speaker 4: say we're going to make your next four or five movies, 71 00:03:09,480 --> 00:03:12,079 Speaker 4: your next four or five series, and really think long 72 00:03:12,200 --> 00:03:14,960 Speaker 4: term and invest for long term growth. The great news 73 00:03:14,960 --> 00:03:17,600 Speaker 4: and when you look at we had to win in content, 74 00:03:17,680 --> 00:03:19,000 Speaker 4: I think we're well on our way to being. 75 00:03:18,840 --> 00:03:19,560 Speaker 3: Able to do that. 76 00:03:19,880 --> 00:03:22,240 Speaker 4: If you look at specifics right, we're able to get 77 00:03:22,280 --> 00:03:24,120 Speaker 4: the Obviously, the UFC deal is one of the first 78 00:03:24,120 --> 00:03:27,200 Speaker 4: things we announced we came over. We're incredibly proud that 79 00:03:27,240 --> 00:03:29,639 Speaker 4: Activision chose to partner with us on Call of Duty, 80 00:03:29,960 --> 00:03:32,400 Speaker 4: which is the most successful video game franchise of all 81 00:03:32,440 --> 00:03:35,000 Speaker 4: time with five hundred million units sold. We're able to 82 00:03:35,000 --> 00:03:38,120 Speaker 4: have James Mangold come over and obviously call his one 83 00:03:38,120 --> 00:03:41,440 Speaker 4: of the greatest filmmakers working to call Paramount home Boulder Light, 84 00:03:41,480 --> 00:03:44,000 Speaker 4: who obviously had incredible hits like Weapons earlier this year. 85 00:03:44,520 --> 00:03:47,040 Speaker 4: In addition to that, you know, we've been able to 86 00:03:47,040 --> 00:03:51,200 Speaker 4: secure high profile packages for streaming with basically Paramount Plus. 87 00:03:51,600 --> 00:03:54,880 Speaker 4: And then we're also really reinvigorating what we're doing in 88 00:03:54,960 --> 00:03:57,360 Speaker 4: news with CBS News with the acquisition of the Free Press. 89 00:03:57,720 --> 00:04:00,600 Speaker 4: And then I think when you look at CBS's broadcast lineup, 90 00:04:00,640 --> 00:04:03,400 Speaker 4: I think we have the strongest lineup, maybe arguably in 91 00:04:03,400 --> 00:04:06,160 Speaker 4: the company's history. And so I think we've really successfully 92 00:04:06,280 --> 00:04:08,600 Speaker 4: reinvigorated the creative content engines of the company in a 93 00:04:08,600 --> 00:04:09,720 Speaker 4: really short period of time. 94 00:04:10,120 --> 00:04:11,360 Speaker 3: And I think we're going to be able to do 95 00:04:11,480 --> 00:04:12,440 Speaker 3: that at scale. 96 00:04:12,800 --> 00:04:17,040 Speaker 4: So that's one two. You know, I think when you 97 00:04:17,080 --> 00:04:19,880 Speaker 4: look at kind of ten thousand feet, Silicon Valley has 98 00:04:19,920 --> 00:04:23,599 Speaker 4: done an excellent job of really coming into Hollywood. I 99 00:04:23,600 --> 00:04:26,200 Speaker 4: mean the platform that Netflix has built, the platform that 100 00:04:26,279 --> 00:04:29,359 Speaker 4: basically Amazon is built, and these are incredible companies. 101 00:04:29,320 --> 00:04:31,560 Speaker 1: I'd say the platform that Amazon has built is not 102 00:04:31,760 --> 00:04:34,679 Speaker 1: very good, but they do have the benefit of Amazon behind. 103 00:04:34,800 --> 00:04:37,200 Speaker 1: Even people who work at Amazon but acknowledge the product 104 00:04:37,200 --> 00:04:37,799 Speaker 1: could be better. 105 00:04:38,320 --> 00:04:39,960 Speaker 4: I think when you look at the number of subscribers, 106 00:04:40,000 --> 00:04:43,719 Speaker 4: I think they're doing okay. And you know, from from 107 00:04:43,720 --> 00:04:46,120 Speaker 4: that standpoint, but what we really want to become. We 108 00:04:46,200 --> 00:04:49,719 Speaker 4: talk about becoming the most technologically capable media company. Believe 109 00:04:49,760 --> 00:04:52,200 Speaker 4: we have the capability to do that. We're bringing in 110 00:04:52,240 --> 00:04:55,240 Speaker 4: the appropriate leadership. You know, we just obviously hired our 111 00:04:55,279 --> 00:04:59,080 Speaker 4: CPO Dan Glasgow, who was formerly obviously running product at 112 00:04:59,160 --> 00:05:01,719 Speaker 4: metaphor Facebook, who is obviously a phenomenal leader, to come 113 00:05:01,760 --> 00:05:05,480 Speaker 4: into the business. And we have really deep tech partnerships 114 00:05:05,800 --> 00:05:08,880 Speaker 4: that are really going to enable, we think Paramount for 115 00:05:08,920 --> 00:05:12,120 Speaker 4: the first time to actually build platforms that are competitive 116 00:05:12,120 --> 00:05:15,960 Speaker 4: with Netflix, that are competitive with Amazon, and actually successfully 117 00:05:16,000 --> 00:05:17,560 Speaker 4: grow in scale. And I think you've said this, You've 118 00:05:17,560 --> 00:05:20,080 Speaker 4: talked about this a lot, given this moment in time 119 00:05:20,080 --> 00:05:23,200 Speaker 4: that we exist in, great art and great technology need 120 00:05:23,240 --> 00:05:26,080 Speaker 4: to work hand in hand together to effectuate the transition 121 00:05:26,160 --> 00:05:27,200 Speaker 4: the overall businesses in. 122 00:05:27,320 --> 00:05:30,599 Speaker 1: Is there some things like concrete about the Paramount plus 123 00:05:30,640 --> 00:05:33,400 Speaker 1: platform right now that you think is clearly substandard, And 124 00:05:33,880 --> 00:05:36,520 Speaker 1: how like I've heard you talk about the recommendation algorithm 125 00:05:36,560 --> 00:05:38,600 Speaker 1: right and how you think that could be better. Does 126 00:05:38,640 --> 00:05:41,960 Speaker 1: having us a better recommendation algorithm really going to bring 127 00:05:42,000 --> 00:05:44,520 Speaker 1: in ten million new customers or make people spend an 128 00:05:44,520 --> 00:05:46,960 Speaker 1: extra two hours a day with your service? 129 00:05:47,400 --> 00:05:48,800 Speaker 3: So you have to do two things. 130 00:05:48,839 --> 00:05:51,440 Speaker 4: One like, let's just talk about the asset that we 131 00:05:51,480 --> 00:05:55,440 Speaker 4: acquire we inherited. Right, Paramount as it exists today operates 132 00:05:55,760 --> 00:06:00,760 Speaker 4: three streaming platforms, three separate texts on two different clouds, 133 00:06:01,160 --> 00:06:06,159 Speaker 4: which is both inefficient and wildly expensive. So if you 134 00:06:06,200 --> 00:06:09,240 Speaker 4: actually said I'm gonna if I had unlimited resources, this 135 00:06:09,279 --> 00:06:09,760 Speaker 4: is not how you do. 136 00:06:09,920 --> 00:06:12,920 Speaker 1: For those who don't follow, the three services are Paramount Plus, 137 00:06:12,960 --> 00:06:15,080 Speaker 1: Pluto TV, and bpt plus correct. 138 00:06:15,400 --> 00:06:18,320 Speaker 4: So we're in the process right now of basically consolidating 139 00:06:18,320 --> 00:06:20,560 Speaker 4: all of those onto a single into a single stack, 140 00:06:20,960 --> 00:06:25,560 Speaker 4: which will both significantly improve the operational capabilities of the product, 141 00:06:25,600 --> 00:06:28,120 Speaker 4: and we're doing a lot to basically overhaul every single 142 00:06:28,200 --> 00:06:31,279 Speaker 4: aspect of the stack. But also the more data that 143 00:06:31,279 --> 00:06:33,279 Speaker 4: you obviously get in there, which is the more users, 144 00:06:33,600 --> 00:06:34,440 Speaker 4: the better you're going to be. 145 00:06:34,400 --> 00:06:35,400 Speaker 3: Able to recommend content. 146 00:06:35,800 --> 00:06:40,120 Speaker 4: So we are we're definitely overhauling basically the product right now. 147 00:06:40,520 --> 00:06:42,159 Speaker 3: But in addition to that, to me. 148 00:06:42,279 --> 00:06:44,640 Speaker 4: Technology is really in service of the content, not the 149 00:06:44,640 --> 00:06:48,479 Speaker 4: other way around, and we're going to make significantly more 150 00:06:48,520 --> 00:06:50,440 Speaker 4: shows at Paramount Plus. 151 00:06:50,480 --> 00:06:52,760 Speaker 3: We are investing in sports rights. You know, when you 152 00:06:52,760 --> 00:06:54,960 Speaker 3: look at the acquisition of the UFC, that. 153 00:06:55,000 --> 00:06:59,200 Speaker 4: Is the largest sport that is basically not shared between 154 00:06:59,279 --> 00:07:03,080 Speaker 4: multiple platforms, and to basically and they have one hundred 155 00:07:03,080 --> 00:07:06,279 Speaker 4: million fans, They've grown twenty five percent from twenty nineteen 156 00:07:06,279 --> 00:07:09,520 Speaker 4: to date. They grew at that level sitting behind a 157 00:07:09,560 --> 00:07:12,760 Speaker 4: double paywall. So we think when you eliminate that double paywall, 158 00:07:12,800 --> 00:07:14,280 Speaker 4: it's going to open it up and make it much 159 00:07:14,320 --> 00:07:18,040 Speaker 4: more accessible. Literally, one paper you fight is what a 160 00:07:18,080 --> 00:07:20,960 Speaker 4: Paramount Plus subscription is. And then basically those one hundred 161 00:07:20,960 --> 00:07:22,480 Speaker 4: million fans are going to be able to get access 162 00:07:22,480 --> 00:07:24,920 Speaker 4: to everything they love. And in addition to that, when 163 00:07:24,960 --> 00:07:26,920 Speaker 4: you look at the overall sports strategy, which cannot be 164 00:07:27,000 --> 00:07:30,840 Speaker 4: more important to us, Paramount had a really strong fall 165 00:07:30,960 --> 00:07:33,920 Speaker 4: and spring sports calendar, but really light in the summer. 166 00:07:33,960 --> 00:07:36,160 Speaker 1: The football in the fall, you have March Madness. In 167 00:07:36,200 --> 00:07:37,840 Speaker 1: the spring, you have. 168 00:07:37,880 --> 00:07:40,760 Speaker 4: The Masters, which which we're incredibly proud to be partners with, 169 00:07:41,080 --> 00:07:43,120 Speaker 4: and now with UFC, we have a year long sports 170 00:07:43,120 --> 00:07:45,720 Speaker 4: strategy and that in addition to all of the new 171 00:07:45,720 --> 00:07:47,800 Speaker 4: originals that we're going to be making for p plus, 172 00:07:48,040 --> 00:07:49,640 Speaker 4: there's going to be more content, there's gonna be a 173 00:07:49,680 --> 00:07:50,920 Speaker 4: better tech product that's going. 174 00:07:50,880 --> 00:07:53,320 Speaker 3: To yield additional engagement and scale. 175 00:07:53,400 --> 00:07:55,320 Speaker 1: So I won't I have a follow up on that, 176 00:07:55,320 --> 00:07:57,720 Speaker 1: but I'm curious because you mentioned Pluto. You've talked a 177 00:07:57,760 --> 00:08:00,600 Speaker 1: lot about combining the back end. How is it that 178 00:08:00,640 --> 00:08:04,200 Speaker 1: you just combine all those services into one consumer facing 179 00:08:04,240 --> 00:08:06,040 Speaker 1: app where if you want to watch Pluto, you're just 180 00:08:06,080 --> 00:08:07,120 Speaker 1: going to Paramount Plus. 181 00:08:07,360 --> 00:08:11,440 Speaker 4: So right now we're basically combining the back the back end. 182 00:08:13,320 --> 00:08:15,120 Speaker 4: It's certainly something we've discussed and. 183 00:08:15,080 --> 00:08:16,840 Speaker 3: Explore, but not something we're planning to do right now. 184 00:08:16,960 --> 00:08:20,480 Speaker 1: Got it? And you're in the like the fun spending money, 185 00:08:20,480 --> 00:08:22,920 Speaker 1: showing people you're here to reinvigorate the company phase. When 186 00:08:22,920 --> 00:08:24,200 Speaker 1: does the less fun part? 187 00:08:26,480 --> 00:08:29,800 Speaker 4: So, look, one of the things that I think is 188 00:08:29,840 --> 00:08:33,520 Speaker 4: actually important is this business can be operated a lot 189 00:08:33,559 --> 00:08:36,600 Speaker 4: more efficiently than was operated in the past. And you know, 190 00:08:36,640 --> 00:08:39,520 Speaker 4: we've obviously announced you know, two billion dollars and obviously 191 00:08:39,600 --> 00:08:43,760 Speaker 4: run rate synergies. We've said we're going to meaningfully obviously 192 00:08:43,800 --> 00:08:48,040 Speaker 4: exceed those targets, and from our perspective, we intend to 193 00:08:48,080 --> 00:08:51,240 Speaker 4: do that as quickly as possible so that we can 194 00:08:51,280 --> 00:08:53,240 Speaker 4: basically get that behind us and then have the entire 195 00:08:53,280 --> 00:08:54,360 Speaker 4: team just building for the future. 196 00:08:54,400 --> 00:08:56,360 Speaker 1: So does that do cuts start before the end of 197 00:08:56,360 --> 00:08:56,720 Speaker 1: the year. 198 00:08:58,840 --> 00:09:00,000 Speaker 3: You know, I can't answer that question. 199 00:09:01,360 --> 00:09:03,600 Speaker 1: Let's go to a couple other questions you probably can't answer. 200 00:09:05,720 --> 00:09:07,080 Speaker 3: Have you We're going there already. 201 00:09:07,080 --> 00:09:09,680 Speaker 1: All right, have you made an offer yet for Warner 202 00:09:09,679 --> 00:09:10,559 Speaker 1: Brothers Discovery. 203 00:09:10,679 --> 00:09:12,160 Speaker 3: All right, we'll talk about tennis. 204 00:09:13,960 --> 00:09:16,240 Speaker 1: We'll get to tennis at the end. I already I 205 00:09:16,240 --> 00:09:17,840 Speaker 1: don't know if you saw it. I asked Greg Peters, 206 00:09:17,840 --> 00:09:19,560 Speaker 1: who is better at tennis? Him or Bill Gate? You 207 00:09:19,559 --> 00:09:22,079 Speaker 1: can probably answer that question. He dodged, But. 208 00:09:23,120 --> 00:09:25,160 Speaker 4: The atention I actually can't as attention, I've never seen 209 00:09:25,160 --> 00:09:26,840 Speaker 4: either of them play tennis, so I don't feel equipped 210 00:09:26,840 --> 00:09:27,240 Speaker 4: to be able to do. 211 00:09:27,600 --> 00:09:32,679 Speaker 1: Let's go back to the offer for Warner Brothers Discovery. 212 00:09:32,720 --> 00:09:35,360 Speaker 4: So so, look, we're a publicly traded company, and I 213 00:09:35,360 --> 00:09:36,839 Speaker 4: think you know, we're not in a position to be 214 00:09:36,840 --> 00:09:40,400 Speaker 4: able comment on rumors speculation of any kind, because there's 215 00:09:40,400 --> 00:09:42,719 Speaker 4: a couple of rumors and speculations obviously out there in 216 00:09:42,840 --> 00:09:43,360 Speaker 4: terms of what we. 217 00:09:43,320 --> 00:09:45,440 Speaker 3: May or may not be doing. But look, what I 218 00:09:45,480 --> 00:09:46,400 Speaker 3: can't comment on is. 219 00:09:46,320 --> 00:09:49,800 Speaker 4: People to kind of understand our mindset, right, And I 220 00:09:49,840 --> 00:09:53,560 Speaker 4: actually think, you know, ironically, it was David Zaslov last 221 00:09:53,640 --> 00:09:57,240 Speaker 4: year that said, you know, consolidation the medium business is important, 222 00:09:57,800 --> 00:10:01,920 Speaker 4: and the way we approach everything is first and foremost, 223 00:10:02,480 --> 00:10:06,240 Speaker 4: what's good for the talent community, what's good for our shareholders, 224 00:10:06,240 --> 00:10:11,160 Speaker 4: and value creation and what's good for basically storytelling at large. 225 00:10:11,440 --> 00:10:15,719 Speaker 4: And so from our standpoint, whether we were approach any acquisition, 226 00:10:15,760 --> 00:10:18,240 Speaker 4: and I actually do think there's a lot of options 227 00:10:18,280 --> 00:10:20,760 Speaker 4: out there in terms of what actually might be actionable 228 00:10:20,760 --> 00:10:23,360 Speaker 4: in the near future, we would approach that through the 229 00:10:23,440 --> 00:10:27,640 Speaker 4: lens of wanting to make more, not less, you know, because. 230 00:10:27,400 --> 00:10:30,080 Speaker 1: The natural conclusion if you were to merge with one 231 00:10:30,160 --> 00:10:33,160 Speaker 1: of those Discovery is you take two companies that combines 232 00:10:33,280 --> 00:10:35,480 Speaker 1: I don't remember the content's been between the two of them, 233 00:10:35,480 --> 00:10:38,559 Speaker 1: but spend billions of dollars. And much as you're combining 234 00:10:38,640 --> 00:10:41,000 Speaker 1: Guidance and Paramount, you take money out. You would take 235 00:10:41,040 --> 00:10:43,280 Speaker 1: money out there. Companies that merge don't tend to spend 236 00:10:43,320 --> 00:10:44,719 Speaker 1: more money on the other side of it. 237 00:10:44,840 --> 00:10:46,280 Speaker 4: So what I would say, and again I'm not going 238 00:10:46,320 --> 00:10:50,440 Speaker 4: to comment on Warner Brothers Discovery, but you know you 239 00:10:50,480 --> 00:10:53,200 Speaker 4: said it when you talked about Paramount. You actually need 240 00:10:53,200 --> 00:10:56,199 Speaker 4: more content to yield more engagement. And so we would 241 00:10:56,200 --> 00:10:59,120 Speaker 4: actually want to be in the business throughout whatever lens 242 00:10:59,120 --> 00:11:02,840 Speaker 4: we were looking at of actually producing more, you know, 243 00:11:03,080 --> 00:11:06,040 Speaker 4: more movies, more television series, more to get to scale 244 00:11:06,360 --> 00:11:09,360 Speaker 4: because you need that content, you need that great storytelling 245 00:11:09,400 --> 00:11:13,560 Speaker 4: to yield engagement. And from that standpoint, we're also in 246 00:11:13,600 --> 00:11:16,960 Speaker 4: the business first and foremost of creating long term value creation. 247 00:11:17,559 --> 00:11:19,400 Speaker 3: And you know, in one of the things I think. 248 00:11:19,720 --> 00:11:23,080 Speaker 4: I hope we've we've proven obviously with our family is 249 00:11:23,400 --> 00:11:25,400 Speaker 4: we are in the business of building long term value 250 00:11:25,440 --> 00:11:27,560 Speaker 4: for shareholders, and I think we've done that successfully. 251 00:11:27,880 --> 00:11:29,600 Speaker 1: You mentioned there are a lot of other things out 252 00:11:29,600 --> 00:11:31,720 Speaker 1: there that could be actionable. What else is on the list? 253 00:11:33,080 --> 00:11:35,600 Speaker 4: Same thing, I can't comment on it. 254 00:11:36,040 --> 00:11:40,200 Speaker 1: I'll do one more so. We were told that you 255 00:11:40,240 --> 00:11:43,199 Speaker 1: actually made an offer for Warner Brothers Discovery that was rejected. 256 00:11:44,760 --> 00:11:45,520 Speaker 3: Same answer. 257 00:11:47,640 --> 00:11:50,240 Speaker 1: It seems like most people think this is I promise 258 00:11:50,280 --> 00:11:52,480 Speaker 1: it's not the same question. It's the bridge to something else. 259 00:11:52,600 --> 00:11:54,280 Speaker 1: Most people think that you guys are the only ones 260 00:11:54,280 --> 00:11:55,880 Speaker 1: who can get that deal done. And one of the 261 00:11:55,920 --> 00:11:59,320 Speaker 1: reasons is because of the relationship between your father and 262 00:11:59,360 --> 00:12:03,040 Speaker 1: the current instration. How would you characterize the relationship between 263 00:12:03,080 --> 00:12:05,000 Speaker 1: your family and the president at the moment? 264 00:12:06,440 --> 00:12:06,960 Speaker 3: Great question. 265 00:12:07,000 --> 00:12:09,480 Speaker 4: I think we have a we have a good relationship 266 00:12:09,480 --> 00:12:12,240 Speaker 4: with the with the administration, and look, I think if 267 00:12:12,280 --> 00:12:16,440 Speaker 4: you look to that, I do believe other things that 268 00:12:16,480 --> 00:12:19,679 Speaker 4: have been rumored about, right are very large scale players 269 00:12:19,679 --> 00:12:22,840 Speaker 4: that would affect that could potentially create monopolies obviously in 270 00:12:22,880 --> 00:12:25,800 Speaker 4: the ecosystem. And again, I think when you look at 271 00:12:25,840 --> 00:12:28,199 Speaker 4: the lens of consolidation for us, I'll keep going back 272 00:12:28,200 --> 00:12:30,160 Speaker 4: to it, it's always how do you create long term 273 00:12:30,200 --> 00:12:32,480 Speaker 4: value creation, how do you put yourself in a position 274 00:12:32,520 --> 00:12:35,160 Speaker 4: to produce more content, not less, and how do you 275 00:12:35,280 --> 00:12:37,960 Speaker 4: ultimately build something that is better for the consumer, not 276 00:12:38,120 --> 00:12:41,040 Speaker 4: opportunities that will create things like you know, too much 277 00:12:41,040 --> 00:12:44,560 Speaker 4: pricing power. And I think if you look at our business, 278 00:12:46,280 --> 00:12:48,520 Speaker 4: I hear it all the time. The notion of going 279 00:12:48,600 --> 00:12:52,600 Speaker 4: to seven different apps is not the greatest experience from 280 00:12:52,640 --> 00:12:53,880 Speaker 4: the consumer's point of view. 281 00:12:54,440 --> 00:12:56,439 Speaker 3: And I think what we look for is. 282 00:12:56,400 --> 00:12:58,520 Speaker 4: Really how do we serve the consumer, how do we 283 00:12:58,640 --> 00:13:01,280 Speaker 4: serve the talent community, who we are so grateful for 284 00:13:01,320 --> 00:13:04,400 Speaker 4: the fact that they have really embraced us since this acquisition, 285 00:13:04,640 --> 00:13:07,040 Speaker 4: and how to create long term value for shareholders. Those 286 00:13:07,040 --> 00:13:08,439 Speaker 4: are going to be the lens of which we always 287 00:13:08,440 --> 00:13:12,000 Speaker 4: approach everything. And what I'm and I think we have 288 00:13:12,600 --> 00:13:16,080 Speaker 4: the capital and resources to be opportunistic when those opportunities arrive, 289 00:13:16,600 --> 00:13:17,360 Speaker 4: and we do have a. 290 00:13:17,360 --> 00:13:20,000 Speaker 1: Good relationship, so one opportunity you took and you mentioned 291 00:13:20,040 --> 00:13:23,720 Speaker 1: earlier with buying the Free Press, the track record of 292 00:13:24,320 --> 00:13:26,960 Speaker 1: big media companies like Paramount buying digital media companies like 293 00:13:26,960 --> 00:13:30,400 Speaker 1: the Free Press is abysmal, at least over the last 294 00:13:30,400 --> 00:13:33,160 Speaker 1: several years. So why are you buying this company and 295 00:13:33,320 --> 00:13:34,480 Speaker 1: what was the thought behind it? 296 00:13:35,480 --> 00:13:37,080 Speaker 3: Absolutely so one. 297 00:13:38,320 --> 00:13:40,400 Speaker 4: What our goal is in news is we want to 298 00:13:40,400 --> 00:13:43,760 Speaker 4: become the most trusted destination in news media. 299 00:13:43,960 --> 00:13:44,880 Speaker 3: That is our goal. 300 00:13:45,240 --> 00:13:47,160 Speaker 4: And I don't think it's a controversial thing to say 301 00:13:47,240 --> 00:13:50,839 Speaker 4: right now that the civil discourse that currently exists is 302 00:13:51,000 --> 00:13:54,640 Speaker 4: not in a great place. And we basically believe in 303 00:13:55,360 --> 00:13:57,640 Speaker 4: all the things that the Free Press believed in, which 304 00:13:57,679 --> 00:13:59,720 Speaker 4: is the you know, we want to speak to these 305 00:13:59,760 --> 00:14:02,400 Speaker 4: set twenty percent of the audience that identifies themselves as 306 00:14:02,400 --> 00:14:06,439 Speaker 4: center left to center right. We believe in the open 307 00:14:06,480 --> 00:14:10,040 Speaker 4: exchange of ideas and then you know, fundamentally presenting both 308 00:14:10,080 --> 00:14:13,520 Speaker 4: sides and allowing the audience to ultimately make their determination 309 00:14:13,559 --> 00:14:16,800 Speaker 4: about how they feel about it. But they're presented with 310 00:14:17,080 --> 00:14:20,760 Speaker 4: the facts, and we think that, you know, the Free 311 00:14:20,760 --> 00:14:23,840 Speaker 4: Press recognized some of the issues that have been occurring 312 00:14:23,840 --> 00:14:25,600 Speaker 4: and built a company as part of the solution to. 313 00:14:25,520 --> 00:14:28,040 Speaker 1: What issues are you referring to there. 314 00:14:28,360 --> 00:14:31,000 Speaker 4: The notion of really just saying we want to get 315 00:14:31,000 --> 00:14:32,600 Speaker 4: back into the trust business, we want to get back 316 00:14:32,640 --> 00:14:35,080 Speaker 4: into the truth business. And then in addition to that, 317 00:14:35,120 --> 00:14:38,760 Speaker 4: when you look at news right we have I cannot 318 00:14:39,880 --> 00:14:43,080 Speaker 4: properly express how much respect and admiration I have for 319 00:14:43,120 --> 00:14:46,280 Speaker 4: the legacy of CBS News in sixty minutes. 320 00:14:46,360 --> 00:14:47,240 Speaker 3: It's remarkable. 321 00:14:49,360 --> 00:14:52,120 Speaker 4: But also the company does not have a digital strategy, 322 00:14:52,560 --> 00:14:54,520 Speaker 4: and one of you know, which is why the Free 323 00:14:54,520 --> 00:14:57,000 Speaker 4: Press was a critical part of that acquisition, because you 324 00:14:57,040 --> 00:14:58,480 Speaker 4: need to be able to meet people where they are. 325 00:14:59,200 --> 00:15:02,440 Speaker 1: I'm just curious is remaining independent ish. 326 00:15:02,880 --> 00:15:05,480 Speaker 4: So basically the Free Press will obviously stay in the 327 00:15:05,520 --> 00:15:07,160 Speaker 4: digital landscape in which they're going towards. 328 00:15:07,200 --> 00:15:08,840 Speaker 3: But I also think when you talk about meeting people 329 00:15:08,840 --> 00:15:09,200 Speaker 3: where they. 330 00:15:09,160 --> 00:15:12,840 Speaker 4: Are, that's in broadcast news, that's obviously you know on 331 00:15:12,880 --> 00:15:16,280 Speaker 4: the Free Press's website, that's in podcasts, but that's also 332 00:15:16,360 --> 00:15:18,880 Speaker 4: eventually going to be in direct to consumer And we 333 00:15:19,000 --> 00:15:20,960 Speaker 4: do want to actually build a home in the d 334 00:15:21,000 --> 00:15:23,480 Speaker 4: TWOC platform, which to my knowledge, our competitors are not 335 00:15:23,600 --> 00:15:26,160 Speaker 4: doing where you can actually go get all of that 336 00:15:26,240 --> 00:15:29,240 Speaker 4: in a digital environment you're consumer, and the Free Press 337 00:15:29,280 --> 00:15:30,920 Speaker 4: is an accelerate to be able to complish. 338 00:15:30,600 --> 00:15:34,000 Speaker 1: That cold doesn't the CBS already have a digital news network. 339 00:15:35,200 --> 00:15:37,320 Speaker 4: They do, but we think that this basically accelerates and 340 00:15:37,360 --> 00:15:38,080 Speaker 4: supercharges it. 341 00:15:40,000 --> 00:15:42,840 Speaker 1: Basically said, you have a lot of respect to CBS News, 342 00:15:42,840 --> 00:15:44,880 Speaker 1: but in bringing in someone to completely overhaul it would 343 00:15:44,880 --> 00:15:48,000 Speaker 1: suggest that you thought that things weren't operating as well 344 00:15:48,000 --> 00:15:50,920 Speaker 1: as they could have been. And how would you assess it, 345 00:15:50,960 --> 00:15:54,520 Speaker 1: not just from a business standpoint, but from a content standpoint. 346 00:15:54,520 --> 00:15:56,080 Speaker 1: Do you feel like the news that they were putting 347 00:15:56,120 --> 00:15:57,920 Speaker 1: out there was where you want it to be? Do 348 00:15:57,960 --> 00:15:59,360 Speaker 1: you think there are things they could be doing better 349 00:15:59,440 --> 00:15:59,800 Speaker 1: or worse? 350 00:16:00,200 --> 00:16:04,040 Speaker 4: So, as I've kind of said this before, I'm not 351 00:16:04,080 --> 00:16:06,840 Speaker 4: going to be in the position of ever making political 352 00:16:06,880 --> 00:16:10,880 Speaker 4: statements like we're we're an entertainment company first, and we 353 00:16:11,000 --> 00:16:14,080 Speaker 4: have the viewpoint of if you're breathing your audience and 354 00:16:14,480 --> 00:16:18,000 Speaker 4: we basically so, and so from that standpoint, we want 355 00:16:18,040 --> 00:16:21,680 Speaker 4: to entertain our audiences first. What I will say, and 356 00:16:21,720 --> 00:16:23,080 Speaker 4: I've said this and I said this in a letter 357 00:16:23,120 --> 00:16:25,120 Speaker 4: I sent up to the team earlier this week, is 358 00:16:25,120 --> 00:16:27,200 Speaker 4: that I do believe that this is an opportunity when 359 00:16:27,200 --> 00:16:29,200 Speaker 4: you look at where things sit, that we want to 360 00:16:29,240 --> 00:16:30,800 Speaker 4: be able to get back to a place where everyone 361 00:16:30,800 --> 00:16:31,760 Speaker 4: can have dialogue. 362 00:16:31,800 --> 00:16:33,280 Speaker 3: We believe in civil discourse. 363 00:16:33,600 --> 00:16:36,040 Speaker 4: We believe in the open exchange and debate of ideas 364 00:16:36,120 --> 00:16:38,520 Speaker 4: is how you get to the right answer. And we 365 00:16:38,560 --> 00:16:40,840 Speaker 4: think that there is a responsibility with news to make 366 00:16:40,880 --> 00:16:42,800 Speaker 4: sure that you were promoting that. But at the end 367 00:16:42,840 --> 00:16:44,360 Speaker 4: of the day, it's always up to the viewer in 368 00:16:44,400 --> 00:16:46,400 Speaker 4: the audience to decide. And we're in the business of 369 00:16:46,480 --> 00:16:50,720 Speaker 4: first and foremost earning their trust and that is done 370 00:16:50,720 --> 00:16:52,920 Speaker 4: over time, and we hope that we you know, we're 371 00:16:52,960 --> 00:16:54,960 Speaker 4: going to work really hard to earn our audience trusts 372 00:16:54,960 --> 00:16:55,320 Speaker 4: every day. 373 00:16:55,360 --> 00:16:58,680 Speaker 1: You can understand though, why when you're talking about restoring 374 00:16:58,760 --> 00:17:01,480 Speaker 1: trust and speaking to every one, you know, you put 375 00:17:01,600 --> 00:17:05,959 Speaker 1: someone in Barry's background as primarily as an opinion columnist, right, 376 00:17:06,040 --> 00:17:09,680 Speaker 1: She's not a kind of died in the wool news reporter. 377 00:17:10,280 --> 00:17:12,200 Speaker 1: And there are going to be people at CBS News, 378 00:17:12,200 --> 00:17:13,639 Speaker 1: and there have been a lot of people outside of 379 00:17:13,720 --> 00:17:15,920 Speaker 1: the journalists outside of CBS News already who are seem 380 00:17:16,080 --> 00:17:19,959 Speaker 1: very concerned because opinion and news are typically kept separate. 381 00:17:20,040 --> 00:17:23,680 Speaker 1: And now you have of the editorial leader of this 382 00:17:24,080 --> 00:17:27,200 Speaker 1: news group whose background is an opinion Yeah, well, I. 383 00:17:27,119 --> 00:17:29,359 Speaker 4: Mean Look, I'll continue to say the same thing, like, 384 00:17:29,520 --> 00:17:31,360 Speaker 4: I'm not going to make a political statement. 385 00:17:32,280 --> 00:17:33,640 Speaker 3: I'm really not going to do it. 386 00:17:34,200 --> 00:17:36,400 Speaker 1: I'm not asking a political statement. But you can understand 387 00:17:36,440 --> 00:17:38,320 Speaker 1: maybe why some of the staff is nervous or I'm 388 00:17:38,359 --> 00:17:40,600 Speaker 1: sure your art you've got, you and your team are 389 00:17:40,600 --> 00:17:42,280 Speaker 1: already ready for there to be a bunch of leaks 390 00:17:42,280 --> 00:17:44,280 Speaker 1: over the next few weeks of people who don't like 391 00:17:44,720 --> 00:17:46,680 Speaker 1: whatever direction it's going in. 392 00:17:47,119 --> 00:17:48,760 Speaker 4: Yeah, looks, what I think I said is like again, 393 00:17:49,160 --> 00:17:50,520 Speaker 4: I'll keep going back to it. I think if you 394 00:17:50,560 --> 00:17:53,280 Speaker 4: look at the value system that basically the Free Press 395 00:17:53,280 --> 00:17:56,119 Speaker 4: has been operated under really does align with the value 396 00:17:56,160 --> 00:17:58,199 Speaker 4: system that we believe in, which I also believe is 397 00:17:58,200 --> 00:18:02,280 Speaker 4: in line with the legacy of CBS News. And if 398 00:18:02,320 --> 00:18:04,320 Speaker 4: you actually go to that, I do believe there are 399 00:18:04,320 --> 00:18:08,119 Speaker 4: areas where we collectively can and will do better. But 400 00:18:08,160 --> 00:18:09,960 Speaker 4: I also have the utmost respect for the team that 401 00:18:10,400 --> 00:18:13,399 Speaker 4: exists there. And again, I wouldn't judge us based on 402 00:18:13,440 --> 00:18:17,560 Speaker 4: what I sit here and say today, judges basically over time, 403 00:18:17,960 --> 00:18:20,119 Speaker 4: as we basically proved that I mean, you know, I 404 00:18:20,119 --> 00:18:21,800 Speaker 4: mean again, like this is going to be one where 405 00:18:22,400 --> 00:18:24,320 Speaker 4: we're going to need to demonstrate every single day that 406 00:18:24,320 --> 00:18:25,720 Speaker 4: we're obviously earning people's trust. 407 00:18:25,880 --> 00:18:27,840 Speaker 3: I obviously deeply believe in the free press. 408 00:18:27,840 --> 00:18:29,600 Speaker 4: I believe in the team at CBS News, and I 409 00:18:29,640 --> 00:18:31,399 Speaker 4: believe we're going to accomplish the goal of building that 410 00:18:31,440 --> 00:18:32,880 Speaker 4: trusted destination news and media. 411 00:18:33,119 --> 00:18:35,080 Speaker 1: Are you and Barry. I don't know if this counts 412 00:18:35,080 --> 00:18:36,320 Speaker 1: as politics for you, but you have a lot of 413 00:18:36,320 --> 00:18:38,920 Speaker 1: common ground on a big issue, which is Israel, and 414 00:18:38,400 --> 00:18:41,119 Speaker 1: you have spoken publicly about it. Your company issued a 415 00:18:41,119 --> 00:18:44,359 Speaker 1: statement expressing concern about how some artists were speaking about it. 416 00:18:45,920 --> 00:18:48,040 Speaker 1: Why did you feel the need to speak out on 417 00:18:48,080 --> 00:18:50,240 Speaker 1: that issue and how has the blowback been? 418 00:18:51,080 --> 00:18:53,080 Speaker 4: Yeah, So look, just to go back to the statement 419 00:18:53,119 --> 00:18:56,280 Speaker 4: that we made, right was very simply, we made a 420 00:18:56,280 --> 00:18:59,960 Speaker 4: statement that was effectively discriminating based on where somebody is 421 00:19:00,119 --> 00:19:03,760 Speaker 4: from Israel, and I and I and I stand by 422 00:19:03,760 --> 00:19:06,320 Speaker 4: that statement. In addition to that, when you look at 423 00:19:06,320 --> 00:19:09,040 Speaker 4: what's going on in the world, you know the fact 424 00:19:09,080 --> 00:19:12,600 Speaker 4: that we are effectively at a historic piece deal with 425 00:19:12,960 --> 00:19:15,960 Speaker 4: hostages being returned home as early as this week in 426 00:19:16,000 --> 00:19:19,719 Speaker 4: our Monday I think that is a historical, historic accomplishment 427 00:19:19,760 --> 00:19:21,439 Speaker 4: and one that we should all be happy so that 428 00:19:21,440 --> 00:19:23,040 Speaker 4: those hostages can get home with their families. 429 00:19:29,240 --> 00:19:32,119 Speaker 1: I believe that there was a piece about sort of 430 00:19:32,119 --> 00:19:34,840 Speaker 1: some employees of yours who were upset about the statement 431 00:19:34,880 --> 00:19:36,840 Speaker 1: that you put out, And I'm just curious have you 432 00:19:36,840 --> 00:19:39,879 Speaker 1: heard from it? And I know just from day to 433 00:19:39,920 --> 00:19:41,280 Speaker 1: day life that there are a lot of people in 434 00:19:41,320 --> 00:19:43,960 Speaker 1: the talent community who feel a little bit differently about 435 00:19:43,960 --> 00:19:46,840 Speaker 1: this subject than you do. Have you heard from from 436 00:19:46,880 --> 00:19:47,400 Speaker 1: any of them? 437 00:19:47,480 --> 00:19:50,639 Speaker 4: And there you know, so so obviously I saw that 438 00:19:50,680 --> 00:19:53,480 Speaker 4: piece and look, the you know, we believe in the 439 00:19:53,480 --> 00:19:56,160 Speaker 4: First Amendment, they are one hundred percent entitled to their opinion. 440 00:19:56,520 --> 00:19:58,679 Speaker 4: We're we're we're entitled to ours and they know we 441 00:19:58,720 --> 00:20:00,000 Speaker 4: haven't heard from anybody. 442 00:19:59,640 --> 00:20:00,880 Speaker 3: Else directly, got it. 443 00:20:01,960 --> 00:20:04,040 Speaker 1: We haven't talked about your dad at all. Who is 444 00:20:04,320 --> 00:20:07,520 Speaker 1: the biggest shareholder in your company, I believe or what 445 00:20:07,560 --> 00:20:11,960 Speaker 1: one of Yeah, the deal that you don't want to 446 00:20:12,000 --> 00:20:13,800 Speaker 1: talk about that you might do would also be thanks 447 00:20:13,840 --> 00:20:17,000 Speaker 1: in part to his oar jess what advice has he 448 00:20:17,119 --> 00:20:20,199 Speaker 1: given you about running a big company? And what is 449 00:20:20,240 --> 00:20:21,719 Speaker 1: the relationship between the two of you? 450 00:20:21,800 --> 00:20:25,080 Speaker 4: Like, so, look, we we my father and I couldn't 451 00:20:25,080 --> 00:20:27,680 Speaker 4: have a better relationship. We talked just about every day 452 00:20:27,720 --> 00:20:30,919 Speaker 4: or every other day, you know, Look, he's a pretty 453 00:20:30,960 --> 00:20:34,040 Speaker 4: phenomenal mentor. And and I think, you know, I think, 454 00:20:34,119 --> 00:20:36,080 Speaker 4: especially when you look at it from a shareholder capacity, 455 00:20:36,720 --> 00:20:39,480 Speaker 4: I think he has about as good of a track 456 00:20:39,520 --> 00:20:41,960 Speaker 4: record as you can get for actually creating value. You 457 00:20:42,000 --> 00:20:44,160 Speaker 4: look at the growth of Oracle this year across everything 458 00:20:44,160 --> 00:20:46,760 Speaker 4: he's done in our businesses and as well as you know, 459 00:20:46,800 --> 00:20:49,600 Speaker 4: our stock has obviously also performed since we closed. Yeah, 460 00:20:49,640 --> 00:20:53,080 Speaker 4: and and so you know, from that standpoint, you know, 461 00:20:53,200 --> 00:20:56,440 Speaker 4: he is focused on how do we maximize value for shareholders? 462 00:20:56,480 --> 00:20:57,600 Speaker 3: I think is one of the best in the world 463 00:20:57,680 --> 00:20:58,119 Speaker 3: of doing that. 464 00:20:58,440 --> 00:21:00,359 Speaker 4: And I think that's a voice that everyone should be 465 00:21:00,359 --> 00:21:02,919 Speaker 4: really happy about the fact that that's obviously, you know, 466 00:21:03,320 --> 00:21:06,960 Speaker 4: helping to guide and steer the company. So from that standpoint, 467 00:21:07,040 --> 00:21:09,520 Speaker 4: and look, the other thing I would say is, you know, 468 00:21:09,600 --> 00:21:12,159 Speaker 4: I've had phenomenal mentors that I'm grateful to, you know, 469 00:21:12,200 --> 00:21:15,679 Speaker 4: including Steve Jobs and David Geffen, And honestly, I'm grateful 470 00:21:15,680 --> 00:21:17,560 Speaker 4: for everything I've been able to learn from them. 471 00:21:17,880 --> 00:21:19,600 Speaker 3: And we couldn't have a better relationship. 472 00:21:19,720 --> 00:21:21,679 Speaker 1: And when you say guidance deer, so are you like, 473 00:21:21,720 --> 00:21:23,800 Speaker 1: how often is you talk to your dad every day? 474 00:21:23,840 --> 00:21:25,680 Speaker 1: You're talking about the company every day, like is he 475 00:21:27,119 --> 00:21:28,520 Speaker 1: I think a lot of people who work there want 476 00:21:28,520 --> 00:21:32,440 Speaker 1: to know, right, like is ultimately you know, how involved 477 00:21:32,720 --> 00:21:34,400 Speaker 1: is Larry Elson going to be in Paramount? 478 00:21:34,800 --> 00:21:37,120 Speaker 4: So look, I run the company day to day, make 479 00:21:37,200 --> 00:21:40,560 Speaker 4: no mistake about that. He is the largest shareholder in 480 00:21:40,600 --> 00:21:43,240 Speaker 4: the business. And I think what's important for everybody to 481 00:21:43,280 --> 00:21:45,280 Speaker 4: know is the way he approaches this is. 482 00:21:45,480 --> 00:21:47,560 Speaker 3: How do we maximize value for our shareholders? And he's 483 00:21:47,560 --> 00:21:48,159 Speaker 3: exceptional with that. 484 00:21:49,640 --> 00:21:51,679 Speaker 1: Given the amount of money that you guys have at 485 00:21:51,720 --> 00:21:54,160 Speaker 1: your disposal, you mentioned shareholders, Like, why not just take 486 00:21:54,160 --> 00:21:55,000 Speaker 1: the company private? 487 00:21:56,440 --> 00:22:01,399 Speaker 4: So great question one Actually think it's very really simple. 488 00:22:01,400 --> 00:22:03,160 Speaker 4: It goes back to that question of value. We think 489 00:22:03,200 --> 00:22:05,720 Speaker 4: there is actually more value and more opportunity in being 490 00:22:05,760 --> 00:22:06,399 Speaker 4: a public. 491 00:22:06,119 --> 00:22:07,399 Speaker 3: Company and being in private company. 492 00:22:08,720 --> 00:22:12,600 Speaker 1: And given so your dad's you've got Paramount. Your dad 493 00:22:12,600 --> 00:22:15,000 Speaker 1: seems to be involved in the new ownership consortium for 494 00:22:15,040 --> 00:22:17,480 Speaker 1: TikTok in the US, we maybe have the Warner Brothers 495 00:22:17,560 --> 00:22:20,400 Speaker 1: Discovery deal. What do you say to people. 496 00:22:20,840 --> 00:22:21,720 Speaker 3: No right to questions? 497 00:22:21,720 --> 00:22:23,640 Speaker 2: I can't actually answer, true, but this is this is 498 00:22:23,680 --> 00:22:25,639 Speaker 2: this I think I can answer this one. What do 499 00:22:25,680 --> 00:22:28,359 Speaker 2: you say to people who seem who are concerned that 500 00:22:28,440 --> 00:22:32,080 Speaker 2: there's just like an an Ellison slash Ellison Trump plot 501 00:22:32,080 --> 00:22:34,200 Speaker 2: to just like corner the media business. 502 00:22:36,960 --> 00:22:38,320 Speaker 1: You've got Elon with Twitter. 503 00:22:39,200 --> 00:22:43,360 Speaker 3: You know they're they're no, I know where you're going. 504 00:22:43,400 --> 00:22:48,080 Speaker 3: Look it's I'm going to headline. I'm doing better. 505 00:22:48,280 --> 00:22:51,680 Speaker 4: I can uh, I can only speak to. 506 00:22:53,200 --> 00:22:58,280 Speaker 3: Look, I think I can speak to my personal state 507 00:22:58,320 --> 00:23:00,520 Speaker 3: of mind? Right? Is that fair to do that? 508 00:23:01,760 --> 00:23:05,600 Speaker 4: So what I can tell you is that conversation has 509 00:23:05,680 --> 00:23:10,200 Speaker 4: never once been discussed or brought up. You know, when 510 00:23:10,240 --> 00:23:14,480 Speaker 4: we basically approach things, it is going back to always 511 00:23:14,520 --> 00:23:18,440 Speaker 4: how do we create basically value for shareholders? And look, 512 00:23:19,480 --> 00:23:21,240 Speaker 4: go back to what I've been doing, like the last 513 00:23:21,280 --> 00:23:23,720 Speaker 4: fifteen years of my life, right, I mean like this 514 00:23:23,880 --> 00:23:25,000 Speaker 4: is it's sorry. 515 00:23:25,040 --> 00:23:25,720 Speaker 3: I kind of look at this. 516 00:23:25,720 --> 00:23:28,359 Speaker 4: And I'm like, can we this is the last twenty 517 00:23:28,359 --> 00:23:29,880 Speaker 4: plus years of my life not equate? 518 00:23:30,240 --> 00:23:31,359 Speaker 3: And what I mean by that is. 519 00:23:31,320 --> 00:23:33,639 Speaker 4: I went to film school at USC Right, I started 520 00:23:33,640 --> 00:23:35,320 Speaker 4: when I literally started in this business when I was 521 00:23:35,359 --> 00:23:38,880 Speaker 4: eighteen years old. I fell in love with movies when 522 00:23:38,880 --> 00:23:42,840 Speaker 4: I was literally a little kid. And you know, my 523 00:23:42,920 --> 00:23:45,119 Speaker 4: mom and I would go to the movies every single weekend. 524 00:23:45,240 --> 00:23:47,520 Speaker 4: That's literally what we did without fail. We went fifty 525 00:23:47,520 --> 00:23:50,600 Speaker 4: two weeks a year and just saw anything that was playing. 526 00:23:51,160 --> 00:23:53,960 Speaker 4: And you know, we had a VHS collection of you 527 00:23:54,000 --> 00:23:56,320 Speaker 4: know at home where like me and my sister's idea 528 00:23:56,320 --> 00:23:59,000 Speaker 4: of like the greatest day on a Sunday was let's 529 00:23:59,080 --> 00:24:01,320 Speaker 4: go watch all the Rocky movies back to back in 530 00:24:01,359 --> 00:24:03,280 Speaker 4: one day, or let's go watch the Star Wars trilogy. 531 00:24:03,560 --> 00:24:06,159 Speaker 4: So I have literally loved this business and love storytelling 532 00:24:06,240 --> 00:24:07,400 Speaker 4: since I was a kid. 533 00:24:07,800 --> 00:24:08,919 Speaker 3: I went to school for it. 534 00:24:09,359 --> 00:24:11,640 Speaker 4: I built sky Dance and launched it in twenty ten 535 00:24:12,280 --> 00:24:17,280 Speaker 4: really with the understanding that the disruption between the bridge 536 00:24:17,280 --> 00:24:19,720 Speaker 4: that has been built between Silicon Valley and Hollywood was 537 00:24:19,760 --> 00:24:20,320 Speaker 4: going to happen. 538 00:24:20,800 --> 00:24:22,560 Speaker 3: We saw that over fifteen years ago. 539 00:24:22,920 --> 00:24:24,840 Speaker 4: We built a company that was, you know, the tip 540 00:24:24,840 --> 00:24:27,720 Speaker 4: of the spear for that disruption on the content creation side, 541 00:24:28,080 --> 00:24:31,080 Speaker 4: with one of our guiding thematics always being where entertainment 542 00:24:31,160 --> 00:24:31,920 Speaker 4: is heading, right. 543 00:24:32,600 --> 00:24:35,160 Speaker 3: You know, the Slate deal we did where we got 544 00:24:35,200 --> 00:24:35,720 Speaker 3: all of the. 545 00:24:35,640 --> 00:24:39,080 Speaker 4: Crown jewels in Paramounts franchises without taking things that are 546 00:24:39,119 --> 00:24:42,600 Speaker 4: normally put into those kind of deals was revolutionary at 547 00:24:42,600 --> 00:24:47,600 Speaker 4: the time. You know, our second series, Grayson Frankee, you know, 548 00:24:47,640 --> 00:24:50,240 Speaker 4: we took to Netflix before House of Cards was released 549 00:24:50,480 --> 00:24:53,399 Speaker 4: because we believed in anything, anywhere, anytime, and any device 550 00:24:53,440 --> 00:24:56,360 Speaker 4: before it had been proven. We've taken early bets into 551 00:24:56,359 --> 00:24:58,640 Speaker 4: interactive and virtual reality, and we took and we took 552 00:24:58,680 --> 00:25:02,040 Speaker 4: ten pole movies direct to consum during a time period 553 00:25:02,040 --> 00:25:03,640 Speaker 4: where we thought that was the right thing to do. 554 00:25:04,200 --> 00:25:07,600 Speaker 4: So from that standpoint, I have always loved and believed 555 00:25:07,600 --> 00:25:08,320 Speaker 4: in this business. 556 00:25:08,600 --> 00:25:09,680 Speaker 3: I love storytelling. 557 00:25:09,720 --> 00:25:13,240 Speaker 4: I believe in the value of basically entertainment and media 558 00:25:13,280 --> 00:25:17,919 Speaker 4: and what these stories mean and it's a privilege to 559 00:25:17,920 --> 00:25:18,359 Speaker 4: get to. 560 00:25:18,280 --> 00:25:19,960 Speaker 3: Tell them in our culture. 561 00:25:20,960 --> 00:25:23,280 Speaker 4: And as it relates to news, which is the other 562 00:25:23,320 --> 00:25:27,040 Speaker 4: part of the question you're asking, we really do want 563 00:25:27,040 --> 00:25:27,440 Speaker 4: to be in. 564 00:25:27,359 --> 00:25:29,280 Speaker 3: The trust business first and foremost. 565 00:25:29,280 --> 00:25:31,400 Speaker 4: We really do want to talk to that seventy percent 566 00:25:31,440 --> 00:25:34,000 Speaker 4: of the audience and we want to get back to 567 00:25:34,119 --> 00:25:37,760 Speaker 4: having that level of civil discourse. So none of those 568 00:25:37,800 --> 00:25:40,680 Speaker 4: things that have been talked about have ever been discussed 569 00:25:41,160 --> 00:25:45,080 Speaker 4: inside of my relationship with my dad. 570 00:25:46,119 --> 00:25:48,800 Speaker 1: I'm the tech front because you talk about that kind 571 00:25:48,880 --> 00:25:52,160 Speaker 1: of seeing the friction between Hollywood and Philicon Valley early. 572 00:25:52,200 --> 00:25:54,359 Speaker 1: The other sort of big boogeyman in the news right 573 00:25:54,359 --> 00:26:00,880 Speaker 1: now is AI. What is your perception of aura? Are 574 00:26:00,920 --> 00:26:03,760 Speaker 1: you guys opting out of your product being in there, 575 00:26:03,960 --> 00:26:05,680 Speaker 1: How are you thinking about using AI? 576 00:26:06,640 --> 00:26:09,760 Speaker 4: Yeah, so look at say two things to that, right, Like, 577 00:26:09,840 --> 00:26:14,199 Speaker 4: fundamentally we are in the business of building, creating, and 578 00:26:14,240 --> 00:26:18,679 Speaker 4: protecting value of intellectual property. So sore we have been 579 00:26:18,720 --> 00:26:20,800 Speaker 4: in that business, we always continue to be in that business. 580 00:26:22,280 --> 00:26:24,639 Speaker 3: Look, there's a really healthy debate. 581 00:26:24,280 --> 00:26:26,720 Speaker 4: Around inputs that I don't really want to get into 582 00:26:26,720 --> 00:26:29,520 Speaker 4: because we don't have enough time. But I think when 583 00:26:29,520 --> 00:26:33,680 Speaker 4: you look at the outputs, those need to be protected. 584 00:26:33,800 --> 00:26:36,440 Speaker 4: Copyright basically needs to be protected on the outputs of 585 00:26:36,480 --> 00:26:41,160 Speaker 4: those businesses. But what I would also say is as 586 00:26:41,200 --> 00:26:44,680 Speaker 4: an industry, we do need to embrace technology. And I 587 00:26:44,720 --> 00:26:48,480 Speaker 4: think if you look at artificial intelligence, there are several 588 00:26:48,520 --> 00:26:51,360 Speaker 4: areas to where you know, AI is going to impact 589 00:26:51,400 --> 00:26:54,760 Speaker 4: our business and and I actually think it's important to 590 00:26:56,480 --> 00:26:58,199 Speaker 4: do it in a way that is responsible, that is 591 00:26:58,200 --> 00:27:01,960 Speaker 4: fundamentally a tool for artists. So I'll go back to 592 00:27:02,119 --> 00:27:04,600 Speaker 4: a Pixar story and forgive the SEMAI long answer to this, 593 00:27:04,960 --> 00:27:06,240 Speaker 4: but I just I'll go to this as one that 594 00:27:06,280 --> 00:27:09,080 Speaker 4: I happened to be able to live through. You know, 595 00:27:09,960 --> 00:27:12,440 Speaker 4: I remember basically in the you know, when Steve and 596 00:27:12,520 --> 00:27:14,160 Speaker 4: John Laster basically built Pixar. 597 00:27:14,640 --> 00:27:16,480 Speaker 3: The attack on them at the time. 598 00:27:16,680 --> 00:27:18,760 Speaker 4: Was that they didn't like animators and they didn't like 599 00:27:18,760 --> 00:27:22,480 Speaker 4: the medium of animation, which when you talk to either 600 00:27:22,800 --> 00:27:24,920 Speaker 4: John or Steve, you know John who was a classically 601 00:27:24,960 --> 00:27:29,240 Speaker 4: trained Walt Disney animator, they loved storytelling, they loved animation. 602 00:27:29,840 --> 00:27:33,040 Speaker 4: What they said was, we're just giving the artists a 603 00:27:33,080 --> 00:27:35,760 Speaker 4: new pencil to actually enable them to draw and create 604 00:27:35,800 --> 00:27:38,320 Speaker 4: something they've never been able to create before. And I 605 00:27:38,359 --> 00:27:41,360 Speaker 4: think the reality is is much like when James Cameron, 606 00:27:41,600 --> 00:27:44,480 Speaker 4: you know, in nineteen ninety two, basically started doing digital 607 00:27:44,480 --> 00:27:46,879 Speaker 4: comps as opposed to optical comps, and that was a 608 00:27:46,880 --> 00:27:49,600 Speaker 4: controversial thing at the time as well. I do think 609 00:27:49,680 --> 00:27:51,919 Speaker 4: you were in one of these inflection point moments where 610 00:27:53,160 --> 00:27:57,240 Speaker 4: the software CPU pipelines are going to start to be 611 00:27:57,440 --> 00:28:01,359 Speaker 4: augmented or replaced by model drive in GPU pipelines, and 612 00:28:01,359 --> 00:28:02,960 Speaker 4: there's a responsible way to do that, and there's an 613 00:28:03,000 --> 00:28:05,399 Speaker 4: irresponsible way to do that. We're going to air on 614 00:28:05,440 --> 00:28:08,679 Speaker 4: the side of basically partnering with that technology to do 615 00:28:08,720 --> 00:28:10,560 Speaker 4: it in a way that we think is good for artists. 616 00:28:11,440 --> 00:28:13,159 Speaker 1: My last best was a short one so that the 617 00:28:13,240 --> 00:28:15,240 Speaker 1: folks in the back, don't kill me. Who's a better pilot? 618 00:28:15,240 --> 00:28:20,920 Speaker 1: You were, Tom Cruise, I'm not that one. 619 00:28:21,280 --> 00:28:23,159 Speaker 3: I'll play the fifth on it. It's no Look. What 620 00:28:23,200 --> 00:28:26,240 Speaker 3: I'll say is Tom is an exceptional pilot. Like I'll 621 00:28:26,240 --> 00:28:29,640 Speaker 3: actually say he I was. 622 00:28:29,920 --> 00:28:31,600 Speaker 4: I started flying when I was thirteen years old, and 623 00:28:31,680 --> 00:28:32,840 Speaker 4: by the time I was twenty, I was one of 624 00:28:32,880 --> 00:28:35,600 Speaker 4: the top ten aerbatic pilots in the country, so literally 625 00:28:35,720 --> 00:28:38,080 Speaker 4: like flying air shows like three miles an hour, fifteen 626 00:28:38,080 --> 00:28:38,880 Speaker 4: feet off the ground. 627 00:28:39,960 --> 00:28:41,880 Speaker 3: So that was a wonderful chapter in my life. 628 00:28:41,920 --> 00:28:45,240 Speaker 4: But I think the training that he did to be 629 00:28:45,280 --> 00:28:49,760 Speaker 4: able to do the sequences in mission impossible. The fact 630 00:28:49,840 --> 00:28:53,280 Speaker 4: that he captured all of that filming in camera on 631 00:28:53,320 --> 00:28:56,960 Speaker 4: top gunn Maverick. For me, he's just the gold standard 632 00:28:56,960 --> 00:28:59,080 Speaker 4: and I have nothing but the most admiration respect for him.